ETF Research Center

JUST tracks a tier-weighted index of US-listed large-cap stocks selected based on a survey-based assessment of business behavior.

FUND BASICS
Category	US Equities
Fund Sponsor	Goldman Sachs
Website	www.gsam.com
Inception date	Jun 07, 2018
Assets (mns)	$127
Currency	USD
Expense ratio	20 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Market Cap
Index replication
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	458
Wgt avg mkt cap (mns)	$322,698
Large cap (>$10bn)	96.3%
Mid cap ($2-10bn)	3.7%
Small cap (<$2bn)	0.1%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	25.3 %
APPLE INC	5.3 %
MICROSOFT CORP	4.7 %
AMAZON.COM INC	3.3 %
JPMORGAN CHASE & CO	2.0 %
FACEBOOK	1.9 %
ALPHABET INC. CLASS C	1.7 %
ALPHABET INC. CLASS A	1.7 %
VISA INC-CLASS A SHARES	1.6 %
JOHNSON & JOHNSON	1.6 %
PROCTER & GAMBLE CO/THE	1.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.7 %
	IRELAND	2.2 %
	BRITAIN	1.0 %
	BERMUDA	0.0 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
31.5%	31.5%	--	--	13.9%

Market Correlations
versus...	Beta	R-squared
S&P500	1.02	100%
MSCI EAFE	1.07	80%
MSCI Emg. Mkts.	0.76	62%

Technical Indicators
Recent close	$47.77
30d moving avg.	$46.21
Annualized volatility	16.0%
Short interest (ETF)	0.2%
Relative strength (RSI)	77

Liquidity measures
Avg. volume (thou.)	6
Turnover	0.2%
Bid/Ask (% of price)	0.11%
ADV underlying (mns)	$121,482

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Goldman Sachs JUST U.S. Large Cap Equity ETF based on the alternatives' overlap in portfolio holdings with JUST. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

JUST

Expense:

20 bp

ALTAR Score™:

5.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH JUST
Ticker	Fund Name	Overlap¹ vs JUST (%)	Expense ratio (bp)	Savings vs JUST (bp)	ALTAR Score™ (%)	ALTAR vs JUST (%)
PBP	Invesco S&P 500 Buy/Write	83.7	49	-29	5.2	+0.0
MGC	Vanguard Mega Cap 300 ETF	82.5	7	13	5.5	+0.3
HSPX	Global X S&P 500 Covered Call	82.0	65	-45	5.0	-0.2
SPY	S&P 500 SPDR	81.4	9	11	5.5	+0.3
IVV	iShares Core S&P 500	81.3	4	16	5.5	+0.4
VOO	Vanguard S&P 500 ETF	81.2	3	17	5.6	+0.4
IWL	iShares Russell Top 200	81.1	15	5	5.3	+0.1
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free	80.7	20	0	5.5	+0.4
SPXE	ProShares S&P 500 Ex-Energy	80.7	27	-7	5.5	+0.3
VV	Vanguard Large-Cap ETF	79.8	4	16	5.5	+0.3
PBUS	Invesco PureBeta MSCI USA	79.1	4	16	5.6	+0.4
SPLG	SPDR Portfolio Large Cap	78.8	3	17	5.4	+0.2
BBUS	JP Morgan Betabuilders U.S. Equity	78.7	2	18	5.5	+0.3
SPXN	ProShares S&P 500 Ex-Financials	78.3	27	-7	5.5	+0.3
SPXV	ProShares S&P 500 Ex-Health Care	77.4	27	-7	5.3	+0.1
SCHX	Schwab U.S. Large-Cap	77.3	3	17	5.4	+0.3
SNPE	Xtrackers S&P 500 ESG	76.6	11	9	5.4	+0.2
VONE	Vanguard Russell 1000	76.5	12	8	5.4	+0.3
IWB	iShares Russell 1000	76.2	15	5	5.3	+0.1
SCHK	Schwab 1000 Index	75.7	5	15	5.4	+0.3

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2014	2015	2016	2017	2018	2019E	2020E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Goldman Sachs JUST U.S. Large Cap Equity
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	17.3	%
Divided by: Fwd. P/BV	3.2	x
Less: Expense ratio	20	bp
Equals: ALTAR Score	5.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.47	CATEGORY AVERAGE	1.55

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.